UPDATE 1-JPMorgan sued by Ponzi schemer Petters' receiver

* Receiver says JPMorgan, others missed red flags

* Defendants alleged to receive more than $300 mln

* Petters sentenced to 50 years in prison

NEW YORK, Dec 29 (Reuters) - JPMorgan Chase & Co (JPM.N)
and several other defendants were sued by the receiver for
Minnesota businessman Tom Petters, who accused them of missing
clues that would have alerted them to the convicted Ponzi
schemer's $3.65 billion fraud.

The receiver, Douglas Kelley, said the defendants received
more than $300 million from Petters' scheme.

Kelley said this sum included more than $240 million from
the sale of camera maker Polaroid Holding Co by JPMorgan's
private equity affiliate One Equity Partners LP to Petters'
company, Petters Group Worldwide Inc.

"The windfall that JPMorgan would earn on the transaction
gave JPMorgan an incentive to ignore red flags that would have
revealed the massive Ponzi scheme that Petters used to fund the
Polaroid purchase," Kelley wrote in a complaint filed Wednesday
in a Minnesota federal court.

Other defendants in the case include several former
executives at Polaroid who were also directors at One Equity.

Kelley is seeking to recover money the defendants got from
the Polaroid sale, plus assets the bank seized from Petters'
accounts when the Ponzi scheme unraveled. He said Petters had
held "numerous" accounts at JPMorgan from 2001 to 2008.

JPMorgan did not immediately return requests for comment.

Petters was sentenced in April to 50 years in prison after
a federal jury convicted him on 20 criminal counts including
wire fraud, mail fraud and money laundering.

The Ponzi scheme is one of the largest ever uncovered.

Petters, 53, is serving his term in a federal prison in
Leavenworth, Kansas, and is not expected to be released until
April 2052, Federal Bureau of Prison records show.

The case is Kelley v. JPMorgan Chase & Co et al, U.S.
District Court, District of Minnesota, No. 10-04999.
(Reporting by Jonathan Stempel and Elinor Comlay in New York;
Editing by Gary Hill)